PLANNING FOR RETIREMENT

Many people assume they will retire someday, but when that day comes, they often feel unprepared for the changes it brings. Planning for retirement can make this time more enjoyable. What are some of the things to plan for?

The first issue most people think about is money. If you retire at 62 or 63 and live until 75, will you have enough money? What will happen if you live until 85, or 95, or 105? It is estimated that by the year 2040, there will be more than a million people in the U.S. who are over the age of 100! A financial advisor can help you set-up a plan to meet your individual goals and needs. When it comes to financial planning for retirement, the sooner you start the better off you will be.

Another thing to consider is health insurance, especially with the changes in Medicare. Check your current health plan and consider supplementary health insurance plans as well. Find an insurance agent you trust, and review several policies before making a selection.

Where do you plan to live when you retire? Some people are very happy moving to new environments, while others prefer staying where they are. When you think about moving, always consider a plan for what will happen if you are not totally satisfied with the move. How long will you try it out? Will you move somewhere else or move back where you started? Can you afford more than one move?

Your personal health is another consideration. The best way to enjoy retirement is to retire when you still feel healthy and fit, but unfortunately, not everyone has a chance to do this. Often retirement gives people a chance to work on improving their health. Mild changes in diet and exercise can give people an increased opportunity to enjoy retirement. Talk to your healthcare provider about things you can do now to stay healthy through the years.

Be prepared for the possibility of a dramatic shift in your life once you retire. It is not uncommon to have some problems handling retirement at first, especially if you were very involved with your work or if you do not have any hobbies. You may find that you and your spouse will be spending more time together. Plan to do some honest talking with your spouse about all these adjustments. It is important to remember that some people sail into retirement without a hitch. If you look at retirement as an opportunity and plan ahead for it, you will be more likely to adjust quickly and enjoy it.

For more information on planning for retirement, contact the Eldercare Locator Line sponsored by the Administration on Aging at (800) 677-1116 or visit their website at www.aoa.dhhs.gov. Another resource is AARP at (800) 424-3410 or visit their website at www.aarp.org.

Disclaimer: This content is reviewed periodically and is subject to change as new health information becomes available. The information provided is intended to be informative and educational and is not a replacement for professional medical evaluation, advice, diagnosis or treatment by a healthcare professional.

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